Another Revenue Stream?
Had a crazy idea for another revenue stream for residential rental property owners to develop…
What if you put six or seven small outdoor plaques (like the one shown above that I have next to my garage (literally) office mandoor for Terrace Properties) available for sponsor messages.
I mean would a local pizza shop like it if a tenant saw a “10% off” sign next to their door every time they came home? It’d be easy for the pizza shop to know here their 10% off deals apply to since, duh, they’re delivering it to an address where their plaque happens to reside.
Would the pizza store want to pay for that?
I’d guess their answer would be, “Yes.”
What if you asked six sponsors for $12 a month each (+ HST where I live)… that’d add up to $72/month times 12 or $864 pa + HST (13%) = $976.32 pa.
Say you have two doors per property and you own five properties, that’s an extra $9,763.20 a year for you and 10% off for your tenants on home-delivered za, favorite bbq chicken restaurant and cell phone, and maybe even on their insurance, health food and dental needs…
Each sign would cost about $80 + artwork, but guess what? You ask your sponsors to pay for that (plus an admin fee of 15% for your time, so it’s a negative cost to you).
So what’s your cap rate?
I’d also ask the sponsors to sign on for a minimum of two years, so you don’t have to change out your signs too often.
People who follow my blog and my work know I believe in finding new revenue streams like adding tech packages to all your rentals.
I have a few (quadrillion) other ideas too.
Bruce M Firestone, real estate coach and broker
Century 21 Explorer Realty Inc
ps there is a business in here somewhere too. What if you started a company that signed up major national chains and 100s or even 1,000s of landlords? Landlords get extra dough for no work, you’d keep the balance but remember, KISS, keep it simple; ie, don’t overly complicate the business model by, say, trying to add outdoor digital displays instead.
Having said this, Belinda Cheung, one of the young people I coach, suggested using a tablet (maybe in a glass case if it’s outdoors) that shows ads. You could possibly double end it–use the tablet to run your tech package (large screen TV, Netflix, basic cable, Internet, wi-fi, music streaming service, t-stat, door locks, lights, light scenes, etc AND run ads.
commercial places too like what Jayme Montero is running (Purrdy Paws, https://profbruce.tumblr.com/post/138408174484/downtown-pet-grooming-shop-opening-soon-want-your)
and Lindsay Spooner (Phelona Therapies, https://www.phelona.com/)
it makes sense to have a wall (outside and inside) for sponsors, suppliers,
even customers to advertise their businesses.
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